Dubai integrated Economic Zones authority (DIEZ) announced the launch of Oraseya Capital, VC sector agnostic worth US$136 million for startups, according to an official statement.
The fund, established on the sidelines of the Dubai Business Forum, is to invest in startups from pre-Seed stage to Series B.
The new fund was launched on the sidelines of the Dubai Business Forum, which is being organised by Dubai Chambers under the patronage of HH Sheikh Mohammed bin Rashid.
The fund’s main goal is to support startups, from the pre-seed stage till they grow to reach Series B investment stage.
Oraseya Capital has launched its platform for business owners to apply for VC funding. It is not only open for local companie, but for global ones that need to operate in Dubai.
His highness Sheikh Ahmed bin Saeed Al Mkatoum said in the statement that the establishment of Oraseya Capital aligned with Dubai’s strategy of growing the digital economy sector.
Mohammed Al Zarooni, Executive Chairman of DIEZ, said: “Oraseya Capital’s core values include effective engagement, support for modern technology and the cultivation of creative ideas. The emphasis is on fostering a collaborative ecosystem for innovative entrepreneurs to exchange ideas, knowledge and resources.
“The VC fund’s primary focus lies in the strategic investment of startups exhibiting substantial growth potential. Our goal is to empower entrepreneurs from various corners of the world to nurture and establish innovative enterprises.
“This endeavour is instrumental in strengthening Oraseya Capital’s standing as a premier venture investment company for startups, eagerly sought after by both entrepreneurs and investors alike, all of whom aspire to reshape the landscape and future of advanced technology sectors,” Al Zarooni added.
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